Grammer AG completes refinancing ahead of schedule in a demanding market environment

(PresseBox) ( Amberg, )
Grammer AG has placed its long-term group funding operations on a solid basis with a new syndicated loan. The syndicated loan consists of two tranches. Tranche A is composed of a credit facility of EUR 150 million for a period of five years plus two one-year renewal options. This tranche is to be used to refinance existing financial liabilities ahead of schedule and at the same time to top up the previous facility, which had a volume of EUR 100 million and originally expired at the end of October 2020. In addition, the remaining purchase price of USD 80 million for the acquisition of the US automotive components supplier TMD Inc. is being funded via a second Tranche B. This marks the scheduled completion of the funding for the largest acquisition in Grammer AG’s history.

“The new syndicated loan gives us substantially greater financial flexibility and forward planning visibility in the long term. The new contract reflects the banks’ confidence in our business performance,” explains Karsten Linke, Vice President Group Finance of the Grammer AG.

The transaction has been structured as a club deal by Grammer’s principal banks. The company’s solid business performance in 2019 in a challenging industry environment was among other things the decisive factor for the new credit facility. By signing a new syndicated loan agreement, Grammer AG has been able to improve its maturities profile and will also benefit from more attractive borrowing costs.
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